Stories for October 2016

Monday, October 31

NoHo’s Studio 77 Sells for More Than $450,000 a Unit

Studio 77, a year-old North Hollywood apartment complex, sold for $72 million to a Virginia real estate investment trust, according to the company.

Canoga Park Complex Sells to Individual Investor

The Park Place Apartments in Canoga Park sold to a Los Angeles individual investor for $15.5 million.

Urgent Care Chain Plans for Fast Expansion

CLINICS: Encino-based firm hires new chief executive, selects strategic locations.

Exer More Than Urgent Care plans to open additional locations and has hired a new chief executive, Rob Mahan, to lead its management team in the expansion.

Business-Friendly Voter Choices

Charlie Crumpley’s take on ballot measures and candidates.

Calendar

Calendar of events

Too-Tall Order?

Warehouses face shrinking pool of workers

Holidays are closing in but warehouses face labor shortages.

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Around the Valleys

News and notes from the greater San Fernando Valley

Moody’s Investor Service has upgraded its rating on the City of Palmdale’s lease-backed debt to A1 from A3.

SPECIAL REPORT: Room @ the Ranch

Could Tejon Ranch become a competitor to the Inland Empire’s outer lying areas?

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SPECIAL REPORT: Main events in Valley submarkets in the second quarter

How does your area measure up?

Crime Spike Hits Shops

RETAIL: ‘Panty Bandit,’ organized groups behind rash of Valley store break-ins.

Property crime increases at Valley stores.

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Two Guys at the Bar

A chance meeting at a college dorm resulted in Nicholas Roxborough and Drew Pomerance founding a law firm.

Law partners and BFFs Drew Pomerance and Nicholas Roxborough.

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Dancing Fundraiser Highlights ‘Valley Stars’

EVENT: Show hoofers and executives net $30,000 for Valley Cultural Center.

Six local executives took to the stage at the Warner Center Marriott in Woodland Hills on Oct. 14 at the Valley Cultural Center’s annual “Dancing with Our Valley Stars” fundraising gala and live auction.

Lots to Like in $1.5 Billion Promenade Project

DEVELOPMENT: Westfield’s plan features housing, offices, plenty of parking.

Westfield Corp. expands into residential and retail with Promenade 2035.

SPECIAL REPORT: Industry Strong, Office Mixed in Submarkets

Third-quarter trends impacting Valley submarkets.

Power Failures Prove Perilous

MEDICAL DEVICES: St. Jude warning latest battery issue.

Demand for more power in smaller spaces has caused a series of battery failures.

Creative Agency Partners With Tech Provider

ADVERTISING: Protocols for high-definition content at film studios prompts deal.

While attending last year’s television industry trade show MIPCOM in France, Peter Martin was struck by how much programming was being released in 4K and ultra-high definition formats.

Voters Maxed On Measures

POLITICS: From transit funding to pot, ballot to affect business.

What the pending ballot measures potentially mean for business.

Capstone Private Placement Sends Stock Down

MANUFACTURING: Shares lose 17 percent, continuing trend since reverse split.

Private stock sale winds down Captone Turbine Corp.’s share price.

PGA Tourney Takes Effort Year-Round

Westlake Village office lines up partnerships for annual golf event.

PGA of America’s new full-time presence in Conejo Valley seeks local partnerships.

Auctioneer Sells ‘Laurel Canyon’

Ed Ruscha’s map-like painting fetches high price on the block.

Fine art market sees boost from local $468,750 sale of piece.

Photo-Friendly Payment App Catches Eyes

Burbank’s Papaya lands partnership with bank, credit card firm.

Papaya’s new app gains favor with bank and MasterCard.

Club or Foot? Either Way, It’s Still Golf

Van Nuys course offers new sport as income stream, marketing ploy.

Replace golf clubs with feet, golf balls with soccer balls and golf holes with bigger ones, and what do you get? A new revenue stream for golf courses.

Friday, October 28

Buyer Pays $61.5 Million for NoHo's Academy Tower

The Academy Tower office building in North Hollywood has sold for $61.5 million, sources close to the deal said.

Shops on Hill Sold for $13.4 Million

Mixed-use retail development Shops on Hill in Pasadena sold for $13.4 million, according to Los Angeles-based commercial real estate firm CBRE Group Inc.

Preview: Room @ the Ranch

Distributors and e-commerce sites find land for giant warehouses is getting harder to find in Southern California, so Tejon Ranch may be the answer.

Preview: Lots to Like in $1.5 Billion Promenade Project

Westfield's proposal includes apartments, retail, office and plenty of parking.

Thursday, October 27

Salem Acquires TurnerTrends Tools

Salem Media Group has acquired the product line of investment strategist Mike Turner, the company announced on Thursday

Amgen Beats Wall St. in Quarter

Amgen Inc. on Thursday reported third-quarter financial results that exceeded Wall Street’s expectations.

Three Valley Apartment Sales Total $27 Million

Northridge, Canoga Park and Van Nuys apartment complexes changed hands recently in deals totaling nearly $27 million.

On Assignment Misses Estimates

On Assignment Inc.’s net income for the third quarter fell short of analyst expectations

Shareholders Approve St. Jude Acquisition

Shareholders of St. Jude Medical Inc. on Wednesday approved the $25 billion deal for pharmaceutical giant Abbott will acquire the medical device maker, which has a manufacturing plant in Sylmar.

Wednesday, October 26

Noted Economist at Cal Lutheran to Retire

Just over a month after California Lutheran University’s economic research unit received national recognition, the school has announced that Executive Director Bill Watkins will retire after presenting his final outlook for Ventura County’s economy on Nov. 10. He has served the college seven years.

Cheesecake Beats Expectations

Cheesecake Factory Inc. (CAKE) beat Wall Street estimates on earnings and revenue in its fiscal third quarter.

Avery’s Stock Sinks Despite Earnings Bump

Avery Dennison Corp. (AVY) on Wednesday reported an increase in earnings, but it apparently discouraged investors who drove down the stock price more than 6 percent.

PS Business Parks Reports Big Increase

PS Business Parks Inc. (PSB) in Glendale surpassed Wall Street’s expectations on both earnings and revenue in its third quarter.

Agoura’s Hixme Gets More Funding

Hixme Insurance Solutions Inc. announced Wednesday that it has raised $14.1 million in a Series B funding.

Tuesday, October 25

Layoffs, Relocation Open Valencia Building for Lease

Nearly 200,000 square feet of industrial space has just become available for lease in Valencia, a welcome reprieve in the tight market.

Second Sight Tests Visual Cortex Implant

Second Sight Medical Products Inc. on Tuesday announced the first successful human implantation of a wireless visual cortical stimulator – a big step in the ongoing development of its Orion I Visual Cortical Prosthesis.

Burbank Shopping Center Sells for $37 Million

The Airport Plaza shopping center in Burbank has traded for $37 million, according to the L.A. office of Savills Studley Inc., a London-based commercial real estate brokerage firm.

Monday, October 24

AT&T Offers $85 Billion for Time Warner

Telecommunications giant AT&T Inc. is acquiring Time Warner Inc. in a deal valued at $85.4 billion.

Tutor Perini to Raise $500 Million in Debt

Tutor Perini Corp. will sell $500 million worth of senior notes in a private offering, the company announced Monday.

Friday, October 21

County Unemployment Rises Despite Job Growth

L.A. County’s unemployment rate rose slightly in September to 5 percent despite relatively strong job growth for the month, state figures released Friday show.

Report: AT&T Could Buy Warner Bros. Parent

Telecommunications giant AT&T Inc. was in talks to acquire Time Warner Inc. with a deal possibly coming as early as this weekend, according to media reports.

BlackLine Plans IPO for Oct. 28

BlackLine Inc. has scheduled the launch its initial public offering on Oct. 28, according to the Nasdaq IPO calendar.

Thursday, October 20

Tarzana Professional Center Sells for $32 Million

The Tarzana Professional Center has changed hands for $32 million, according to Calabasas commercial brokerage firm Marcus & Millichap Inc.

Sports Doctor Buys Thousand Oaks Building

A medical doctor has bought a Thousand Oaks office building to move his sports medicine practice closer to outpatient clinics, according to commercial real estate brokerage Westcord Commercial Real Estate in Westlake Village.

Wednesday, October 19

DreamWorks Settles Employment Collusion Lawsuit

DreamWorks Animation is settling for $50 million a class-action lawsuit filed by animators alleging the company engaged in illegal hiring practices and kept wages low, according to media reports.

Capstone Raises $6.8 Million in Private Placement

Capstone Turbine Corp. will sell 6.3 million shares of its common stock to two institutional investors, it was announced Tuesday.

Tuesday, October 18

No. 2 Hotel in L.A.? It’s the Garland

The Garland hotel in North Hollywood has been named the No. 2 hotel in Los Angeles by readers of Condé Nast Traveler magazine, the publication announced Tuesday, jumping three notches from its No. 5 ranking last year.

BlackLine Prices IPO

BlackLine Inc. has set the price for its initial public offering at between $13 and $15, according to documents filed Monday with the Securities and Exchange Commission.

UCLA Honors American Homes Exec

UCLA’s information technology group, IS Associates, has honored a high-level executive with American Homes 4 Rent, the Agoura Hills real estate investment trust.

Monday, October 17

Massive Mixed Use Project to Replace Promenade Mall

Plans have been filed with the Los Angeles Department of City Planning to turn the indoor Westfield Promenade shopping mall into a mixed use development.

Tutor Perini Wins Virginia Highway Contract

Sylmar construction firm Tutor Perini Corp. has received a $107 million contract from the Virginia Department of Transportation for a highway improvement project in Norfolk, the company announced on Monday.

Amgen Expands Board

Amgen Inc. on Friday announced that the company has appointed Ellen Kullman to its board of directors, expanding it from 13 to 14 members.

Ixia's Mayer Among Powerful Women in Tech

The California arm of the National Diversity Council has named Bethany Mayer, president and chief executive of Ixia, among the 50 most powerful women in technology for 2016, the company announced on Monday.

A Big Day for Business in the Valley

Measuring the impacts of pending measures on business.

Suicide App Seeks Market To Save Lives

Program helps friends, family with crisis prevention algorithm.

Developers of suicide prevention app hope to save lives.

Heart of the Valley

After leading two chambers and a Boys & Girls Club, self-proclaimed ‘Valley girl’ Jan Sobel plans to retire. What’s next?

What’s next for Jan Sobel after career raising the bar on nonprofits?

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Sea Drone Starts to Fly In Palmdale

Navy contract worth $3 billion upgrades Global Hawk model.

New unmanned aircraft goes through final assembly at Northrop.

The Number

North American companies expect to trade more this year.

Tehran Looks Good for Cosmetic Skin Company

BIOTECH: Avita Medical opens office in Iran to enter untapped market.

Tehran, Iran’s hot market for cosmetic surgery, attracts skin product developer Avita Medical.

BlackLine Files for Valley’s First IPO Since 2014

FINANCE: Software firm will use proceeds to pay off debt from acquisitions.

Meet the Valley’s first IPO applicant in two years.

Munchkin to Enter Big Baby Formula Market

FOOD: Grass-fed cows in New Zealand lend product health-conscious storyline.

Munchkin hopes its biggest product launch ever into the baby formula market will wean moms off of industry giants.

Cunard Launches Trans-Atlantic Space Voyage

MARKETING: Queen Mary 2 will host NASA experts, astronauts on cruise.

Valencia-based luxury cruise liner Cunard Line, a subsidiary of Carnival Corp. & plc based in London, will offer a space-themed transatlantic voyage next year in celebration of International World Space Week, the company announced Oct. 4.

New Bar President Wants to Diversify the Bench

NONPROFIT: More events, outreach planned to recruit youth to legal careers.

Kira Masteller, a trust and estate planning attorney for Encino law firm Lewitt Hackman, has been named the San Fernando Valley Bar Association’s new president.

Startup Weekend to Start Again in Santa Clarita

EVENT: Three-day tech fest, networking opportunity back by popular demand.

Startup Weekend will return to the Santa Clarita Valley in early November to encourage tech entrepreneurs in the creation of new companies.

MyCorporation Expands in Step With Economy

OFFICE: Consultancy takes more space amid growing client base, new hires.

Startups and franchises are springing up everywhere, and that has pushed MyCorporation Inc. into bigger quarters.

Around the Valleys

News and notes from the greater San Fernando Valley

About 1,000 nurses at Antelope Valley Hospital on Sept. 29 ended their 24-hour strike, which was the first of its kind in the hospital’s 61-year history.

Calendar

Calendar of events

It’s Time for Transit Decisions at the Polls

Metro has placed Measure M on the ballot; now voters need to make an investment in the future.

Measure M would help the Valley move through traffic.

In Mask Sales At Least Trump Wins

Costume entrepreneur compares candidates’ in-store popularity.

Could sales of presidential candidates’ Halloween masks foretell election results?

Easton Unveils High-Tech Bat Lab

SPORTS: Marketing strategy hinges on performance, not celebrities.

Easton could profit from celebrity endorsements of its baseball and softball equipment – but it doesn’t.

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Hot Rod College

Shop converts to academy to teach custom car skills

Custom car shop shifts gears to train others on a lost art.

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Easy Choice for State Senate: Fazio

Charlie Crumpley’s business-friendly endorsements.

Never Say Die Entrepreneur

MANUFACTURING: Employee Noemi Prado turned around firm on the brink of closure.

Southwest Moulding’s carefully-crafted turnaround.

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Friday, October 14

VICA Speaker Says Valley Could Host Olympic Events

Three Olympic events will be held in the San Fernando Valley if Los Angeles hosts the 2024 Olympics, the chief of the game-luring committee said Friday.

Jerry's Deli to Close

The Woodland Hills location of Jerry’s Famous Deli will close for good on Oct. 16 after 43 years of business, the restaurant has announced.

Moody's Upgrades Palmdale Debt

Moody’s Investor Service has upgraded its rating on the City of Palmdale’s lease-backed debt to A1 from A3, the city announced Friday.

Preview: Hot Rod College

Shop converts to academy to teach custom car skills.

Preview: Easton Unveils High-Tech Bat Lab

Baseball is a sport steeped in tradition, but one brand has staked its future on bringing technology and innovation to America’s pastime – and without endorsements from professional athletes.

Thursday, October 13

Logix Headquarters Breaks Ground

Logix Federal Credit Union will break ground Oct. 26 on its new headquarters in the Valencia Commerce Center in the Santa Clarita Valley.

Broker Promoted at Glendale CBRE Office

Glendale commercial real estate broker Troy Pollet with L.A.-based CBRE Group Inc. has been promoted to senior vice president, according to the brokerage.

Location Filming Grows in Q3

On-location filming in the third quarter increased by 3 percent compared to a year ago, according to a report released Thursday by FilmL.A.

Wednesday, October 12

Cancer Firm Akriveia Gets Funding

Biotech company Akriveia Therapeutics has received a $7.5 million Series A investment from an East Coast venture capital firm.

New Exec for Henry Mayo Hospital

Henry Mayo Newhall Hospital in Valencia has named a new chief medical officer and vice president of professional services, the hospital announced Wednesday.

Tuesday, October 11

St. Jude Alerts Patients About Pacemaker Batteries

St. Jude Medical Inc. has alerted patients and doctors that some of its implanted heart devices have battery defects that may cause premature power loss.

Valley Assisted Living Homes Sold

Los Angeles real estate brokerage CBRE Inc. has arranged the sale of a $1.15 billion portfolio that includes several Valley health care properties.

Monday, October 10

GA Europe to Restructure Dutch Retail Chain

GA Europe has assumed control inventory of bankrupt Dutch retailer MS Mode Nederland B.V.

Lure Fish House Property Changes Hands

Lure Fish House’s Westlake Village real estate has sold for $6 million, according to commercial real estate brokerage and development firm Westcord Commercial Real Estate Services.

Capstone Secures Fuel-Efficient Patent

Capstone Turbine Corp. has secured a patent for a cleaner fuel injector system on its microturbines, the company announced Monday.

Friday, October 7

DTS Acquires Radio Software Firm

Audio technology developer DTS Inc. is acquiring broadcast radio software company Arctic Palm Technology Inc.

Capstone Signs $150 Million Purchase Finance Deal

Capstone Turbine Corp. will receive up to $150 million from an Asian solar park developer to give financial assistance in deploying Capstone’s microturbines.

Thursday, October 6

Tutor Perini Falls After Investor Presentation

Tutor Perini Corp.'s stock price sunk more than 6.5 percent Thursday as the Sylmar-based construction company became the newest target of activist investor Carson Block.

Stratolaunch Returns to Rocket Supplier Orbital ATK

Stratolaunch Systems has partnered with Orbital ATK Inc. to use the company’s rockets to launch satellites into space, the companies announced Thursday.

Report: Disney Out of Twitter Race

Walt Disney Co. is out of the running to bid on social networking service Twitter Inc., according to a media report.

Wednesday, October 5

Barragan Resigns From VEDC

Roberto Barragan, 57, has resigned as chief executive of the Valley Economic Development Center Inc., according to the L.A. Daily News.

Thousand Oaks Apartment Complex Sold for $67 Million

Sherman Oaks real estate company IMT Capital has sold its apartment complex in Thousand Oaks.

Gelt Buys Denver-Area Apartment Complex

Tarzana investment and property management firm Gelt Inc. has bought a Colorado apartment complex for $66 million, citing Denver’s growing population and employment.

Tuesday, October 4

BlackLine Files for IPO

Accounting software developer BlackLine has filed for an initial public offering that will raise up to $100 million.

ApolloMed Expands to Lompoc

Health management company Apollo Medical Holdings Inc. announced Monday that its affiliate medical group ApolloMed Hospitalists has been contracted to provide its services to Lompoc Valley Medical Center.

Beverly Hills Investor Buys Ventura Office Park

A nearly 200,000-square-foot office park in Ventura has sold to Omninet Capital, a real estate investment and venture capital firm in Beverly Hills.

Monday, October 3

AeroVironment Secures $22.8 Million Missile Contract

AeroVironment Inc. received a $22.8 million contract from the U.S. Army to supply its armed forces with miniature missile systems.

Spielberg’s Amblin Selects COO

Steven Spielberg’s content creation firm Amblin Partners LLC, formerly DreamWorks Studios, has named a new chief operating officer and general counsel, the company announced Monday.

Universal Studios Launches Neighbor Pass

Universal Studios Inc. is inviting guests to enjoy its billion-dollar renovations to the Universal Studios Hollywood theme park in Universal City with a new “California Neighbor Pass,” the company announced Monday.

Burbank Wins Economic Development Awards

Burbank has received two awards from the International Economic Development Council for last year’s campaign to promote the city and its businesses.

Sports Bar Schmoozes Rams Coach

Radio show to air from watering hole at Westlake Village Inn.

Westlake Village Inn finds a way to get in on the Rams new local presence – hosting a live radio show.

K-Swiss HQ Walks Away from Conejo

Shoe maker cites ‘vibrant retail culture’ in downtown L.A.

Why moving to downtown L.A. will benefit shoe maker K-Swiss.

Cruise Line Links Music, Marketing

Princess releases soundtrack of on-ship show ‘Magic to Do.’

Princess Cruises spins off popular musical into album.

Dodger Fans Try Fireman’s New Brew

India pale ale debuts in stadium with that beer-baseball affinity.

A deal with Dodger’s Stadium prompts a new beer from Fireman’s Brew.

Audio Firm DTS Hears Sound of Cash Calling

ACQUISITION: Silicon Valley buyer to pay $850 million for Calabasas company.

Audio equipment firm DTS in Calabasas attracts San Francisco buyer with cash to spare.

Sobel to Retire From Boys & Girls Club Top Spot

MANAGEMENT: Chief exec formerly ran Encino chamber for nine years.

Jan Sobel, chief executive of the Boys & Girls Club of the West Valley, has announced plans to retire at the end of the year after leading the organization for more than a decade.

Medtronic Donations Fund Diabetes Programs

PHILANTHROPY: Grant to Northridge Hospital will pioneer patient education.

Medtronic Foundation awarded five local organizations a total of $250,000 in grants to continue to provide education and health care to people affected by diabetes.

Disney Fans A-Twitter With Talk of Acquisition

TECHNOLOGY: Addition of social messaging company could help sports business.

If Walt Disney Co. emerges as the buyer for Twitter Inc., it will own another distribution platform for its sports programming.

Around the Valleys

News and notes from the greater San Fernando Valley

BYD Motors Inc. broke ground on the second phase of its manufacturing facility in Lancaster to meet rising demand for its electric vehicles.

Calendar

Calendar of events

Schools, Developers Bid for Pinecrest Properties

REAL ESTATE: Campuses find buyers but new use plans remain uncertain.

Pinecrest Schools’ properties are hot ticket items for other schools and real estate developers.

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Overhaul Attracts Tenants to Former GM Digs

OFFICE: Minimal remodeling required in conversion of automaker’s headquarters.

General Motors Co.’s former western headquarters in Thousand Oaks has a new life as a multitenant building, and is about 55 percent leased.

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Driving Down Prices

Ambulances face huge losses under Obamacare

Ambulance companies face reduced reimbursements after health care reform.

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Promo House Seeks to Make Video ‘Snackable’

MEDIA: Short film clips fill a tall order for marketing material on the web.

Production company 5 Guys Named Moe expands into short and sweet business videos.

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Will Politics Poison Valley Projects?

DEVELOPMENT: Ballot measures could render building ‘unfeasible.’

Will housing in Los Angeles become even more expensive? It could if two measures pass in upcoming elections.

Supply Software Clicks for Clients

TECHNOLOGY: Procurement firm secures $4 million in funding.

Venture capitalists gave Vroozi $4 million to develop procurement software.

Engineering A Turnaround

MANUFACTURING: With revamped products, defense contractor IEE accelerates exports.

IEE expands its export opportunities with new products.

There is Integrity in That Initiative

Finding the integrity in L.A.’s Neighborhood Integrity Initiative.